Indian Stock Market Today: Nifty Signals Gap-Up Opening
The key benchmark indices of the Indian stock market remained under the bears’ grip for the third straight session last week. The Nifty 50 index crashed 679 points in these three sessions, while the BSE Sensex nosedived over 2,600 points from Wednesday to Friday last week. The Bank Nifty index, which ended at 57,371 on Tuesday, finished at 56,089, losing nearly 1,300 points in three straight sessions.
Among sectors, the IT index corrected sharply, shedding over 10 per cent, whereas, despite weak market sentiment, the FMCG and Energy indices rallied over 2 per cent. During the week, due to profit booking at higher levels, the market slipped below the 50-day SMA (Simple Moving Average) of 24,300/78000, and post-breakdown, selling pressure intensified.
Gift Nifty Signals Gap-Up Opening
Gift Nifty index today opened upside at 24,051 and extended its intraday gains further by hitting today’s high of 24,135. This indicates a gap-up opening for the 50-stock index and other indices of the Indian stock market. By 7:30 AM, the index was trading more than 0.75% higher at around 24,130.
Expecting a gap-up opening for the Indian stock market today, Avinash Gorakshkar, a SEBI-registered market expert, said Indian equities may open higher as the Gift Nifty is trading 0.75% higher from its previous close. The index is also signalling that the 50-stock index may regain the psychological 24,000 levels and open above this important mark.
Asian Market Today
Asian markets traded higher on Monday, with investors brushing aside fresh diplomatic tensions between the US and Iran, even as rising unrest in the Middle East kept oil prices firm.
Japan’s Nikkei 225 gained 0.53% to reach a record high, while South Korea’s Kospi surged 1.5% to hit a new peak of 6,557.
Meanwhile, Australia’s S&P/ASX 200 declined 0.54%. Hong Kong’s Hang Seng index futures stood at 26,041, slightly above the previous close of 25,978.07.
Crude Oil Price Today
Following the uncertainty around the Strait of Hormuz opening and the US-Iran ceasefire talks, the WTI crude oil price is under the bulls’ radar during the early morning session. By 7:45 AM, the WTI crude oil price was trading $95.75 per barrel, logging an intraday gain of around 1.45%.
For more information on crude oil price and its impact on the Indian stock market, visit our website.
Gold, Silver Rates Today
Following gains in crude oil prices today, gold and silver prices came under selling pressure in early morning trading. The COMEX gold rate today is around $4,715 per ounce, logging an intraday loss of more than 0.55%.
Likewise, the COMEX silver rate today is oscillating around $75.25/oz, recording an intraday loss of over 1.50%.
For more information on gold and silver rates and their impact on the Indian stock market, visit our website.
India VIX Today
The volatility index of the Indian stock market rose by over 6% during the market crash on Friday. However, the index is below 20 but above the warning line 18. A positive opening on Dalal Street is expected to push the India VIX down today.
For more information on India VIX and its impact on the Indian stock market, visit our website.
Stock Market Today
Speaking on the outlook of the Nifty 50 and the Sensex today, Amol Athawale, VP — Technical Research at Kotak Securities, said that on the weekly chart, the Nifty 50 and the 30-stock index Sensex have formed a bearish candle, and on daily charts, a reversal formation has appeared, which supports further weakness from the current levels.
“We are of the view that 24,000/77000 would act as a crucial reference point for traders. Below this level, the correction wave is likely to continue, with the index potentially slipping to the 20-day SMA or 23,635/76000. Further downside could also continue, dragging the index to the 23,500-23450/ 75700-75500 range,” said Amol Athawale.
For more information on Nifty 50 and Sensex, visit our website.
Stocks to Buy Today
Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher, recommended these eight buy-or-sell stocks for intraday trading: SAIL, GVT&D, Alkem Lab, HSCL, Canara Bank, Premiere Energies, VA Tech Wabag, and Cummins India.
Sumeet Bagadia’s stock recommendations today:
- SAIL: Buy at ₹178.5, Target ₹192, Stop Loss ₹172;
- GVT&D: Buy at ₹4598, Target ₹4920, Stop Loss ₹4437.
Ganesh Dongre’s buy or sell stocks:
- Alkem Lab: Buy at ₹5235, Target ₹5500, Stop Loss ₹5100;
- Canara Bank: Buy at ₹140, Target ₹150, Stop Loss ₹135;
- HSCL: Buy at ₹566, Target ₹590, Stop Loss ₹540.
Shiju Koothupalakkal’s intraday stocks for today:
- Premiere Energies: Buy at ₹1018, Target ₹1070, Stop Loss ₹995;
- VA Tech Wabag: Buy at ₹1493, Target ₹1560, Stop Loss ₹1460;
- Cummins India: Buy at ₹5232, Target ₹5400, Stop Loss ₹5140.
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